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Sep 14 2015

NYC Fashion Industry Generates $2 Billion Annually

Employs 183,000, Draws 500,000 Visitors

Maloney released a report Monday on the positive economic impact the fashion industry has on New York City and regional economies around the United States.

Steve Wilburn, chief executive officer and owner of a small renewable energy company, employs 11 people today. If he wins his bid on a $300 million project in the Philippines with the help of an Export-Import Bank loan, he may employ 400.

“Trade creates jobs. We lose that trade, we lose those jobs,” Wilburn said.

Like thousands of small business owners across the country, Wilburn, a Vietnam vet, depends on America’s export credit agency to help him break into foreign markets and expand his business. But the Ex-Im Bank’s charter lapsed at the end of June. And Republican leaders in the House blocked a vote to renew the charter, a vote that almost certainly would have succeeded, given majority support for the bank. The Senate adopted an amendment to renew the bank’s charter as part of its highway funding bill, but the House refused to take up an Ex-Im reauthorization amendment.

Without the bank’s help, Wilburn’s Philippines project – and all the jobs that go with it – likely will go to a South Korean rival. Now, he must wait nervously until Congress returns from its August recess to determine the fate of his loan.

Each year, the Export-Import Bank helps thousands of small businesses like Wilburn’s. Overall, Ex-Im supported an estimated $27.5 billion in exports and 164,000 jobs last fiscal year. It costs taxpayers nothing and has returned billions of dollars to the Treasury.
The political right has made misleading claims to justify its crusade against Ex-Im. At a recent press conference, presidential candidate Ted Cruz vowed to do whatever it takes to kill the bank because, he said, it is “giving away taxpayer money.”

The fact is that Ex-Im gets that money back – plus interest and fees. Since 1992, Ex-Im has sent nearly $7 billion to the Treasury, including $675 million last year, helping to reduce the deficit.

Some, seeking a political makeover by putting on a show of fighting for the little guy, claim that Ex-Im is a tool of big business. Ted Cruz says that it “benefit[s] a handful of giant corporations.” What he omits is the fact that 90 percent of the bank’s transactions benefit small businesses.

It’s true, in raw dollars Ex-Im does provide more assistance to large businesses than to small ones because in private industry – with or without Ex-Im – large businesses simply make much larger deals and sell more products overseas. But that is no excuse for killing an institution that comes to the aid of thousands of small businesses.

In a perfect world, in which American companies competed with foreign ones on a level playing field, Ex-Im might not need to exist. But the world we live in is far from perfect. There are approximately 85 foreign export credit agencies (institutions that play a similar role to the Ex-Im Bank) in more than 60 countries that work aggressively to give their businesses an advantage over U.S. companies and other competition. Those who want to kill Ex-Im are forcing American companies to work at a competitive disadvantage.
Top U.S. competitors like China, Germany and South Korea have their versions of the Ex-Im Bank. Even small countries like Jamaica and Bulgaria help their exporters expand into new markets. As long as those countries come to the aid of their own exporters, killing the U.S. Export-Import Bank is a form of economic disarmament.
China seems gleeful that Congress has failed to reauthorize Ex-Im. Recently, the Export-Import Bank of China’s chief country risk analyst told reporters that the demise of the U.S. Export-Import Bank was “[…] a good thing” for China.

One certain way to move the Republican faithful is to pay homage to Ronald Reagan. And what did Reagan say of the Export-Import Bank? He said that it “contributes in a significant way to our nation’s export sales.” And President George W. Bush said Ex-Im “helps advance U.S. trade policy, facilitate the sales of U.S. goods and services abroad, and create jobs here at home.”

The National Association of Manufacturers, the National Small Business Association, the Financial Services Roundtable and the Chamber of Commerce all support reauthorizing Ex-Im. The Chamber has organized a letter in support of Ex-Im signed by more than 1,000 American businesses and associations.

For most of its 81-year history, Ex-Im has enjoyed broad bipartisan support. It has been reauthorized on 16 separate occasions under Republican and Democratic administrations alike. More than 180 current House Democrats have signed onto legislation to reauthorize Ex-Im, and 60 House Republicans support another bill that would extend the bank’s charter.

In the end, one thing matters most to members of Congress – what do your constituents say? A number of the more than 60 companies in my district that have received help from Ex-Im in recent years beg me to do everything possible to protect it.
As small business owner Steve Wilburn aptly put it: “We should be competitive on the world stage. We shouldn’t retreat.”
We should not retreat. Let’s work together to reauthorize the Export-Import Bank when Congress returns in September.
Congresswoman Carolyn B. Maloney Friday released a statement on the latest jobs report: “Although the economy has added private-sector jobs for 66 consecutive months – the longest streak on record – we will continue to work on behalf of those still struggling to find a job and achieve a living wage.”





WASHINGTON – Joint Economic Committee (JEC) Ranking Democrat Carolyn Maloney (D-NY) released a report by Committee Democratic staff providing a snapshot of the economic conditions in all 50 states and the District of Columbia. The report shows that private-sector employment increased in 33 states and the District of Columbia in July, while the unemployment rate fell in 24 states and the District of Columbia. The report also revealed that average hourly earnings, adjusted for inflation, have increased in 43 states over the past year.

 

“As the latest numbers show, the economy continues to move in the right direction, with solid gains in private-sector employment and in earnings,” Ranking Member Maloney said. “However, not everyone who seeks a full-time job is able to find one. We have made significant progress since the peak of the Great Recession, however we still have work to do. We must invest in infrastructure, in education and in research to push this country toward full employment.”

 

Key findings of the July State Economic Snapshots include:

  • The largest private-sector job gains came in California (81,800), Texas (22,500) and New York (19,300), while Oklahoma, Montana, New Hampshire, California, Arizona and Maryland saw the largest percentage increases.
  • The largest declines in the unemployment rate were in Connecticut and Hawaii (-0.3 percentage point each) and Florida, Indiana, Louisiana, Michigan, New Jersey, Ohio, South Carolina and the District of Columbia (-0.2 percentage point each).
  • Nevada saw the largest gain in average hourly earnings over the past 12 months, adjusted for inflation, with a 5.2 percent increase, followed by South Dakota with a 4.3 percent increase and Vermont and Alaska with 4.2 percent increases in each.

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Aug 14 2015

Maloney Says Social Security More Important Than Ever

Two-Thirds of Retirees Depend on Program for a Majority of their Income

Joint Economic Committee Ranking Democrat Carolyn Maloney (D-N.Y.) Friday issued a report hailing the Social Security program – which celebrates its 80th anniversary today - as more essential than ever in providing retirement security to millions of Americans.

Today marks the 80th anniversary of the signing of the Social Security Act, and no doubt President Franklin D. Roosevelt will be celebrated as a visionary leader who helped spare millions of working Americans from poverty in their old age.

We should also pay tribute to Frances Perkins, a largely forgotten heroine of the FDR era, who was the first female cabinet member, serving as Secretary of Labor from 1933 to 1945. Perkins guided the concept of a retirement security program from the kernel of an idea to execution of one of the most important and popular programs the federal government ever established.

These accomplishments alone are enough to warrant inclusion in the history books. But Perkins’ legacy encompasses a broad swath of the social justice landscape. As the driving force behind the 40-hour workweek, the minimum wage, unemployment compensation, worker’s compensation and the abolition of child labor, Perkins arguably did more to improve the conditions for working Americans than any cabinet member in our history.

“I had already had a conviction, a ‘concern,’ as the Quakers say, about social justice,” Perkins wrote in her book The Roosevelt I Knew. “And it was clear in my own mind that the promotion of social justice could be made to work practically.”

Perkins was an anomaly, overcoming the prejudices of her day to graduate from college with a degree in physics, earn a Master’s degree in sociology and study further at the Wharton School. She provided the sole support for her family and was the highest-ranking woman in government—both at the state and federal levels—driving hard bargains to reform the abysmal employment conditions that came hand-in-hand with rapid industrialization.

Perkins developed an interest in the working class and the working poor as an undergraduate at Mount Holyoke College after taking a course on the growth of industrialism in America. Her professor required students to visit local factories and mills to observe working conditions. The experience profoundly shaped Perkins’ life.

“From the time I was in college I was horrified at the work that many women and children had to do in factories,” Perkins said later. “There were absolutely no effective laws that regulated the number of hours they were permitted to work. There were no provisions which guarded their health nor adequately looked after their compensation in case of injury. Those things seemed very wrong. I was young and was inspired with the idea of reforming, or at least doing what I could, to help change those abuses.”’

She worked in settlement houses in Chicago and to improve the working and living conditions of young women in Philadelphia who were often preyed upon by thieves and con men.

But the galvanizing event in her life took place in 1911 when, having tea nearby, she heard fire engines and arrived at the scene to witness the horrific Triangle Shirt Waist Company fire, which killed 146 women, many of whom were engulfed in flames on the upper floors of the factory while others leapt to their deaths to avoid the fire. Perkins later said that was the day “the New Deal began.”

During the 1918 New York gubernatorial election—the first in which that state’s women were allowed to vote—Perkins organized them into a potent political force for reform. Just over 10 years later, in 1929, Gov. Franklin D. Roosevelt appointed her as his industrial commissioner of the state, and she began advocating for unemployment insurance and old-age assistance.

After FDR was elected to the presidency in 1932, he asked her to join his administration as secretary of labor. Perkins’ acceptance was conditional upon FDR’s approval of a set of policy priorities she wanted to pursue: a minimum wage, workers’ compensation, unemployment insurance, old-age insurance, a shorter work week, abolition of child labor and universal health insurance. FDR agreed, and Perkins accomplished most of her goals by 1945. Social Security, however, was to be her most enduring legacy.

FDR had appointed her in 1934 to chair his Committee on Economic Security to investigate the concept of social insurance. Six months later, the committee was to recommend the proposal that eventually became the most popular government program of all time.

“It has taken the rapid industrialization of the last few decades, with its mass-production methods, to teach us that a man might become a victim of circumstances far beyond his control,” Perkins said. “And finally it took a depression to dramatize for us the appalling insecurity of the great mass of the population, and to stimulate interest in social insurance in the United States.”

She continued,

We have come to learn that the large majority of our citizens must have protection against the loss of income due to unemployment, old age, death of the breadwinners and disabling accident and illness, not only on humanitarian grounds, but in the interest of our national welfare. If we are to maintain a healthy economy and thriving production, we need to maintain the standard of living of the lower income groups in our population who constitute 90 percent of our purchasing power.

Thanks to Perkins’ visionary leadership, fewer than one in 10 senior citizens live in poverty.  Without Social Security, that number would be more than four in 10. In June 2015, Social Security helped 60 million people—the majority of whom are women—more than a third of whom depend on the earned benefit for 90 percent or more of their income.

As the principal architect of Social Security, Perkins was central to the creation of a social safety net for middle- and low-income workers that to this day underpins the very best values of progressive government.

Now, that’s a powerful and lasting legacy.

Recently, Republican Senator Ted Cruz and his colleagues on the far right called their successful efforts to block renewal of the charter of the U.S. Export-Import Bank an "important victory." Unfortunately, their "victory" may cost many Americans their jobs. It may cause small businesses to go under. It may cost thousands of American exporters, large and small, a vital competitive edge. Calling this a "victory" requires some pretty remarkable mental gymnastics. Most who follow the issue, business and labor, Democrats and even some Republicans, are viewing this as a serious, self-inflicted economic wound.

Aug 07 2015

Maloney Hails Steady Job Growth

Calls for Investments to Accelerate Pace of Job Growth

Joint Economic Committee (JEC) Ranking Member Carolyn Maloney (D-N.Y.) said "The July jobs report shows continued broad and steady economic improvement. We have now seen 65 consecutive months of private-sector job growth, which is a remarkable record, and an unemployment rate at a seven-year low."

Jul 28 2015

Dynamic Scoring Undermines Budget Accuracy

Republican Gimmick to Diminish Cost of Tax Cuts

WASHINGTON – Joint Economic Committee (JEC) Ranking Member Carolyn Maloney (D-N.Y.) Tuesday asserted that dynamic scoring is an unreliable Republican budget gimmick designed to mask the real cost of tax cuts. ”There is a serious problem with dynamic scoring – it provides results that are highly uncertain, vary wildly, and could be subject to manipulation,” Maloney said. It “change(s) the rules of the game so my Republican colleagues can get the results they want.

Jul 23 2015

Private-Sector Employment Up in 27 States in June

State-by-State Analysis Also Shows Gains in Hourly Earnings

The Joint Economic Committee (JEC) Democrats’ monthly State-by-State Snapshots for June also show that unemployment fell in 21 states and the District of Columbia.